Hanmi Pharmaceutical's management rights dispute, three-member alliance vs. brother 'A draw'

In connection with the Hanmi Pharmaceutical Group's management dispute, neither the mother and daughter sides, the three-way alliance, nor the brothers, won the victory completely.

At the extraordinary shareholders' meeting of Hanmi Pharmaceutical, the holding company of Hanmi Pharmaceutical Group, the proposal to change the articles of incorporation proposed by the three-party alliance, including the founder's wife, Hanmi Pharmaceutical Group Chairman Song Young-sook, his daughter, Vice Chairman Lim Joo-hyun, and Hanyang Precision Chairman Shin Dong-guk, was rejected.

However, the appointment of a new director, which is a general resolution agenda, was passed, and Chairman Shin was appointed as other non-executive directors.

As a result, the three-way alliance's plan to overturn the structure of the Korea-U.S. Science board from the existing four-to-five to six-to-five failed, and the three-way alliance was tied with five members and five brothers.

As neither side wins the extraordinary shareholders' meeting, the management dispute is expected to intensify.

The three-way alliance and the brothers have already filed complaints and accusations, expanding the management dispute to litigation.

The two sides will hold another vote on the dismissal of Park Jae-hyun, CEO of Hanmi Pharmaceutical, at an extraordinary shareholders' meeting on the 19th of next month.